Consolidated Edison (ED) ESG Update summary

Clean energy strategy and regulatory alignment

• Committed to achieving New York's climate goals, including net zero by 2050 and 100% clean energy by 2040, through infrastructure modernization, electrification, and stakeholder engagement.

• Investments target grid expansion, renewable integration, and customer programs to support electrification of transportation and buildings.

• Five-pillar clean energy commitment includes grid modernization, customer empowerment, gas system reimagination, company carbon footprint reduction, and stakeholder partnerships.

• Advocates for utility ownership of renewables, proactive planning for electric infrastructure, and policy and technology development to meet sector-specific targets.

• Clean energy commitment aligns with state and city policies, focusing on equity, reliability, and stakeholder partnerships.

Infrastructure investment and grid resilience

• Forecasts $28 billion in infrastructure investment over five years, including $1.3 billion for climate resilience and $7.1 billion for resiliency through 2044.

• Proposed $900 million (CECONY) and $411 million (O&R) in climate resiliency investments from 2025–2029.

• Accelerating substation and transmission projects, such as the $1.2 billion Idlewild Substation and bids for major offshore wind transmission corridors.

• Projects include undergrounding lines, substation upgrades, shoreline protection, and advanced outage response systems.

• Science-based climate vulnerability studies inform adaptation and investment strategies.

Customer programs and energy efficiency

• Programs incentivize EV adoption, heat pump installations, and energy efficiency, with over 36,000 customers converting to heat pumps and 23,000 EV charging plugs supported.

• Energy efficiency initiatives reduced usage by 6.66 million MWh and 1.8 million dekatherms of gas in 2023.

• Energy affordability programs provided $265.5 million in discounts to vulnerable customers in 2023, a 54% increase over 2022.

• Nearly half of clean energy spending and a significant share of EV and distributed energy projects are directed to disadvantaged communities.

• Focus on minimizing customer bill impacts while enabling the clean energy transition.